Word: tarp
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Congress is fighting with both the administration that is leaving and the one that is coming about what should happen to the $350 billion left in the TARP. Most legislators do not seem to be happy about how Treasury Secretary Henry Paulson spent the first $350 billion. Too much of it got invested in banks and car companies. Not enough went to help mortgage holders...
...other side of the aisle, many Republicans who voted for the first tranche of the TARP were leery about this second vote, because at least $23.4 billion of the initial outlay has been used, over their objections, to bail out the auto industry. Summers, in a separate letter earlier this week, pledged that any additional funds for the automakers would not come from the TARP monies. "There are some folks [on] our side who are open to being against this resolution, and if they can negotiate some language that would be acceptable, I think you can get some votes," said...
...faced with another act of "the great bank salvation." This time around it is not clear what the Fed and Treasury will get for their capital. They already hold equity in all of the large financial firms due to recent investment from the TARP. What faces the system now is whether the federal government will end up with de facto control of the private banking system...
...plan: getting a still wounded financial system functioning again. Colleagues say Geithner is loyal to Paulson, but that doesn't mean "he would have done things exactly the way [Paulson] did them," says a source. Geithner, for example, wants to overhaul the dysfunctional, taxpayer-funded Troubled Asset Relief Program (TARP) - initially intended to buy bad assets from banks. The new Administration wants to use the final $350 billion of the bailout program to reduce the number of home foreclosures and funnel additional capital directly to banks and other lenders...
...clear now that the Paulson team has made mistakes. Not enough of the TARP money that banks have received has been pumped back into the economy in the form of loans. And many question the judgment calls Washington made as the crisis escalated last fall. "No one has yet adequately explained why they bailed out Bear Stearns but not Lehman Brothers," says the senior investment banker critical of the government's approach. "That's not all on Geithner, but some...